# Undergraduate Economics Program

Dennis Epple, Head of Economics

Carol B. Goldburg, Executive Director of Undergraduate Economics

Program Office: Tepper School of Business, Room 139

E-mail: econprog@andrew.cmu.edu

Advising Appointment Online Scheduler: http://tinyurl.com/tepper-econadvising

http://www.tepper.cmu.edu/undergraduate-economics

At its most fundamental level, economics is the study of how scarce resources are allocated. What will be produced and consumed, how much, and by whom? These questions are central to the well-being of people throughout the world. Economists identify, model, and analyze problems with the objective of developing practical and efficient solutions to challenges confronting society. Economists are also active participants in the processes and institutions through which economic policies are implemented. In the public arena sphere, economists contribute to design of programs and incentive systems to foster efficient implementation of policies. In the private sector, economists bring modeling and data-analytic skill to bear, both in identifying ways to enhance productive efficiency within the firm and in developing strategies to enhance effectiveness of the firm as it competes in the global marketplace. Increasingly, economists are taking advantage of advances in technology to design new exchange systems in applications as diverse as global electronic markets, kidney exchanges, pollution control, and school choice mechanisms.

Carnegie Mellon University enjoys a rich history of innovative research in the field of economics. The university has a distinctive culture that fosters collaborative, problem-oriented, theoretically rigorous, and empirically tested research. The success of this distinctive approach is manifest in the international recognition accorded past and present faculty, including nine Nobel Prizes in Economics. In the classroom, faculty bring the same rigorous, innovative approach to help develop the tremendous intellectual potential and analytic skills of students who are drawn to study economics at Carnegie Mellon. Project courses and hands-on applications in classes enable our students to gain valuable practical experience in honing their skills in economic reasoning, modeling, and data analysis.

The Undergraduate Economics Program has a unique position at Carnegie Mellon University. It is the sole undergraduate program that is a joint program of the Tepper School of Business and the Dietrich College of Humanities and Social Sciences. The combination of research strength (Tepper has been home to nine Nobel Laureates in Economics) and commitment to liberal arts and interdisciplinary studies (Dietrich has "the most creative general education program of any American university” – New York Times) provides our undergraduates with a world-class economics program.

Economics majors are considered members of both colleges and enjoy the full support and services of both. Undergraduate economics students should consult the program's website for details about applicable Tepper and Dietrich academic policies and procedures.

## Educational Objectives

The Undergraduate Economics Program offers a range of degrees in economics designed to develop strong analytical skills and a solid foundation in the discipline of economics. More specifically, measurable objectives for our economics curriculum are the following:

- Students should be able to identify, explain, and use economic concepts, theories, models, and data-analytic techniques.
- Students should acquire and use knowledge of economics, mathematics, statistics, and computing flexibly in a variety of contexts, providing the foundation for success in graduate studies and careers in the public and private sectors.
- Students should be able to apply their economic tools to formulate positions on a wide range of social and economic problems and engage effectively in policy debates.
- Students should use the investigative skills necessary for conducting original economic research and participating effectively in project teams.
- Students should be able to deliver effective presentations in which they combine visual communication design with oral arguments and/or the written word.

## Advising

The Undergraduate Economics Program is committed to providing students with the opportunity to have meaningful and informative discussions about their academic, intellectual, and career interests with a wide range of advisors and mentors. Advising meetings are extended discussions which may address both immediate and long-term interests, concerns, and desires/needs. Students pursuing a degree in economics are assigned an economics advisor who meets with them on a regular basis. Any CMU undergraduate student interested in taking an economics courses is invited to meet with an economics advisor. To facilitate scheduling advising meetings, please use the online appointment scheduler.

The economics curriculum is cumulative; higher-level courses build upon the foundations learned in the core courses. This results in students needing to be aware of course-sequencing and the schedule of classes. Students are encouraged to meet frequently with their Undergraduate Economics Program academic advisor to ensure that their courses fulfill the requirements towards their degree and are appropriately sequenced. Successful students check-in with their advisor frequently and seek the advice of their academic advisor in selecting courses, pursuing additional degrees, and planning ahead for study abroad.

### First-Year Advising

First-year students who major in economics enter Carnegie Mellon University as Dietrich College students, and are assigned a Dietrich College Academic Advisory Center (AAC) advisor. While the AAC advisors are the advisors of record until students formally declare their majors, students who are considering majoring in economics are encouraged to contact the Undergraduate Economics Program academic advisor so that they will have access to program resources; program-level advising; and the community of faculty, staff, and students.

First–year students are **not** expected to know which degree option they wish to pursue. For this reason, the first–year curricula are quite similar for the four primary degrees awarded by the program. As students become involved in their course work, participate in the extra– and co–curricular activities sponsored by the Undergraduate Economics Program, and have discussions with faculty and economics advisors, the decision of which degree to pursue becomes evident.

### Study Abroad

The Undergraduate Economics Program encourages students to consider enriching their undergraduate experience by studying abroad at some point during their undergraduate tenure. Studying abroad is widely defined as either study, work, internship, volunteer, or research opportunities abroad during your college career. Studying abroad provides students with not only more awareness of cultural literacies, but it further enhances their education by providing them with the opportunity to compare and contrast different economies and regimes. Many students consider their study abroad experience to be a watershed moment in their studies. With a bit of careful planning, study abroad can be worked into most any economics student's 4-year schedule.

### Preparation for Professional School Programs

Many economics students will attend professional graduate school programs (e.g., DDS, JD, MBA, MD, MPP, M.Sc. Finance, etc.) immediately after graduation or within the first five years of earning their undergraduate degree. Students who are considering applying to professional graduate schools are encouraged to meet with an economics advisor early in their career at CMU. The economics advisors can provide structure and information that are invaluable during a student's intellectual and career exploration. Knowing that the choice of courses, student achievement, extra- and co-curricular activities, professional school entrance exam test scores (e.g., GMAT, LSAT, MCAT, etc), and faculty recommendations are key determinants of acceptance into these varied programs, the economics advisors will help you plan your time at CMU.

### Preparation for Ph.D. Programs in Economics

The Undergraduate Economics Program has been successful in preparing students for admission into the nation's most competitive doctoral programs. The life of a researcher (whether in academia or in the private research sector) requires a set of skills that undergraduate students will begin to acquire through course work, research, and focused conversations with faculty and advisors. Doctoral programs in economics are looking for specific analytical skills. Key determinants of acceptance into these programs are the choice of courses, student achievement, research experience, graduate school entrance exam test scores (specifically the GRE), and faculty recommendations. Students who are considering pursuing a higher academic degree are encouraged to meet an economics advisor early in their career at CMU. Interested students are encouraged to look at the B.S. in Economics and Mathematical Sciences curriculum.

## Curricula

In order to accommodate students’ wide variety of goals, four primary degree programs are available: Bachelor of Arts in Economics, Bachelor of Science in Economics, Bachelor of Science in Economics and Mathematical Sciences (jointly administered by the Department of Mathematics and the Undergraduate Economics Program), and Bachelor of Science in Economics and Statistics (jointly administered by the Department of Statistics and the Undergraduate Economics Program).

The four major degree programs have been designed to provide students with a solid understanding of the central theories and analytical tools of the field of economics, while maintaining the flexibility necessary to meet the needs of a diversity of career paths. The four degrees produce strong analytical thinkers who are able to model and analyze complex problems. Graduates of the Undergraduate Economics Program gain employment as economic analysts in both the private and public sectors; pursue advanced professional degrees in business, law, and public policy; as well as enter into Ph.D. programs in economics, statistics, finance, and related fields.

For students who major in other academic fields, additional major programs in Economics and in Economics and Statistics and a minor degree program in Economics are available. Information about these degrees can be found following the discussions about the major curricula.

## Major Degree Requirements and Sample Schedules

In addition to completing a minimum 360 units and fulfilling both the Dietrich General Education requirements and all University requirements, recipients of an undergraduate degree in economics must complete courses in mathematics, probability and statistics, writing, economic theory, and economic analysis, as well as a set of advanced electives and other specialized courses. It is important for students to realize that degree requirements are actually the "minimum" set of degree requirements. In fact, most economics students take more courses in their major than is strictly required.

Following the list of requirements for each degree are sample four-year course schedules for a student pursuing an undergraduate degree in economics. As there are many different ways of completing the requirements, students are strongly encouraged to meet with an economics advisor to tailor their courses to their own particular needs. Students are responsible for ensuring that they understand all of the program requirements and that they meet the necessary conditions for graduation. When planning course schedules, students must give consideration to all prerequisite and co-requisite requirements.

In addition to meeting university and college graduation requirements, the Undergraduate Economics Program has the additional requirement: Economics courses counting towards any economics primary degree, additional major, or minor must be completed with a grade of “C” or higher.

### B.A. in Economics

The B.A. in Economics provides a strong foundation in economic analysis and quantitative methods. The curriculum's breadth incorporates the study of political, historical, and social institutions so that students may use the economic toolkit to address the current challenges humanity faces. Built into the degree is the opportunity to study political, historical, cultural, and social institutions from other CMU departments; these courses are referred to as "Special Electives". The advanced data analysis component of the B.A. in Economics Curriculum pays additional attention to ordinal data and the study of surveys. The capstone of the curriculum is the Senior Project course where students use their qualitative and quantitative skills to contribute to the body of knowledge in empirical, experimental, and/or theoretical studies. Students pursuing this degree will be well-equipped to pursue graduate work (professional and academic), enter directly into the business world, or pursue public service.

#### B.A. in Economics Curriculum

Total Number of Units for the Major: | 173/182 |

##### Mathematics Prerequisites (19 units)

Courses | Units | |

21-120 | Differential and Integral Calculus Passing the MCS assessment test is an acceptable alternative to completing 21-120. | 10 |

21-256 | Multivariate Analysis | 9 |

##### Sophomore Economics Colloquium (1 unit)

Units | ||

73-450 | Economics Colloquium | 1 |

##### Writing Requirement (9 units)

Units | ||

73-270 | Writing for Economists | 9 |

##### Economic Theory Requirements (27 units)

Units | ||

73-100 | Principles of Economics | 9 |

73-230 | Intermediate Microeconomics | 9 |

73-240 | Intermediate Macroeconomics | 9 |

##### Economic History Requirement (9 Units)

Units | ||

73-476 | American Economic History | 9 |

##### Quantitative Analysis Requirements (36 Units)

Units | ||

36-201 | Statistical Reasoning and Practice | 9 |

or 36-207 | Probability and Statistics for Business Applications | |

or 70-207 | Probability and Statistics for Business Applications | |

36-202 | Statistical Methods | 9 |

or 36-208 | Regression Analysis | |

or 70-208 | Regression Analysis | |

73-407 | Fundamentals of Statistical Modeling | 9 |

36-303 | Sampling, Survey and Society | 9 |

##### Advanced Economics Electives (36 Units)

Students must take four advanced elective courses. Advanced elective courses are those numbered 73-300 through 73-495 (excluding 73-374 Econometrics II, 73-407 Fundamentals of Statistical Modeling, 73-476 American Economic History, and 73-450 Economics Colloquium) as well as selected courses designated by the Program offered by other departments/programs. Additionally, students may work with their advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.

##### Special Electives (27 Units)

Students must take three special elective courses in the humanities and social sciences. The complete list of courses designated as special electives is available to current students at MyTepper. The list below is representative of the courses that qualify as "Special Electives"; this is not an exhaustive list of qualifying courses. In particular, the graduate courses from Heinz College which open to B.A. in Economics students are not presented.

##### Course List

Representative List of Special Elective Courses | Units | |

19-402 | Telecommunications Technology, Policy & Management | 12 |

19-403 | Policies of Wireless Systems and the Internet | 12 |

19-421 | Emerging Energy Policies | 9 |

19-425 | Sustainable Energy for the Developing World | 9 |

79-221 | Development and Democracy in Latin America | 9 |

79-245 | Capitalism and Individualism in American Culture | 9 |

79-246 | Industrial America | 9 |

79-266 | Russian History: From Communism to Capitalism | 9 |

79-288 | Bananas, Baseball, and Borders: Latin America and the United States | 9 |

79-300 | History of American Public Policy | 9 |

79-310 | Modern U. S. Business History: 1870 to the Present | 9 |

79-320 | Women, Politics, and Protest | 9 |

79-371 | African American Urban History | 9 |

79-381 | Energy and Empire: How Fossil Fuels Changed the World | 9 |

79-386 | Entrepreneurs in Africa, Past, Present and Future | 9 |

79-392 | History of Modern Warfare | 9 |

80-130 | Introduction to Ethics | 9 |

80-136 | Social Structure, Public Policy & Ethics | 9 |

80-221 | Philosophy of Social Science | 9 |

80-305 | Rational Choice | 9 |

80-321 | Causation, Law, and Social Policy | 9 |

80-324 | Philosophy of Economics | 9 |

80-337 | Philosophy, Politics & Economics | 9 |

80-348 | Health Development and Human Rights | 9 |

84-310 | International Political Economy and Organizations | 9 |

84-362 | Diplomacy and Statecraft | 9 |

84-386 | The Privatization of Force | 9 |

84-414 | International and Subnational Security | 9 |

88-411 | Rise of the Asian Economies | 9 |

88-260 | Organizations | 9 |

88-444 | Public Policy and Regulation | 9 |

##### Senior Work (9 Units; 18 Units for students working on an honors thesis in economics)

Units | ||

73-497 | Senior Project | 9 |

or 73-500 & 73-501 | Tepper College Honors Thesis I and Tepper College Honors Thesis II | |

or 66-501 & 66-502 | H&SS Senior Honors Thesis I and H&SS Senior Honors Thesis II |

#### Sample Schedule for B.A. in Economics

The sample schedule below is an illustration of how students might plan their four-year schedules. This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading; and 2) room has been built into the schedule that would allow students to pick up additional degrees and/or study abroad. It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements. In fact, most economics students take more courses in their major than is strictly required.

Freshman | Sophomore | ||
---|---|---|---|

Fall | Spring | Fall | Spring |

21-120 Differential and Integral Calculus | 21-256 Multivariate Analysis | 73-230 Intermediate Microeconomics | 73-240 Intermediate Macroeconomics |

36-201 Statistical Reasoning and Practice | 36-202 Statistical Methods | 73-450 Economics Colloquium | 73-407 Fundamentals of Statistical Modeling |

73-100 Principles of Economics | 73-160 Foundations of Microeconomics: Applications and Theory ** | "Special Elective" | Economics Elective |

-----* | ----- | ----- | ----- |

----- | ----- | ----- | ----- |

----- |

Junior | Senior | ||
---|---|---|---|

Fall | Spring | Fall | Spring |

73-270 Writing for Economists | 36-303 Sampling, Survey and Society | 73-497 Senior Project | Economics Elective |

73-476 American Economic History | Economics Elective | Economics Elective | ----- |

"Special Elective" | "Special Elective" | ----- | ----- |

----- | ----- | ----- | ----- |

----- | ----- | ----- | ----- |

*In each semester, ----- represents courses that are not directly required for the major.

** While not required, 73-160 is strongly recommended.

### B.S. in Economics

The B.S. in Economics provides a strong foundation in economic theory and advanced quantitative analysis. The curriculum focuses on using "real-world" data to forecast behavior and to investigate the relationships between observed phenomenon and economic models. Combining these sophisticated economic modeling data analytic skills with our wide range of upper-level economic electives provides students with a rigorous analytical foundation that will allow them to pursue any career that interests them. The capstone of the curriculum is the Senior Project course where students use their qualitative and quantitative skills to contribute to the body of knowledge in empirical, experimental, and/or theoretical studies. Students completing this degree will be well-equipped to pursue graduate work (professional and academic) or enter directly into the business world or public service.

#### B.S. in Economics Curriculum

Total Number of Units for the Major | 156/165 |

##### Mathematics Requirement (29 Units)

Units | ||

21-120 | Differential and Integral Calculus Passing the MCS assessment test is an acceptable alternative to completing 21-120. | 10 |

21-256 | Multivariate Analysis | 9 |

or 21-259 | Calculus in Three Dimensions | |

21-122 | Integration and Approximation ^{*} | 10 |

or 21-127 | Concepts of Mathematics | |

or 21-257 | Models and Methods for Optimization | |

^{*Students are encouraged to meet with an economics advisor to determine which course best fits their interests} |

##### Sophomore Colloquium (1 Unit)

Units | ||

73-450 | Economics Colloquium | 1 |

##### Quantitative Analysis Requirements (27 Units)

Units | ||

36-225 | Introduction to Probability Theory | 9 |

or 36-217 | Probability Theory and Random Processes | |

or 21-325 | Probability | |

73-274 | Econometrics I | 9 |

73-374 | Econometrics II | 9 |

##### Writing Requirement (9 Units)

Units | ||

73-270 | Writing for Economists | 9 |

##### Economic Theory Requirements (27 Units)

Units | ||

73-100 | Principles of Economics | 9 |

73-230 | Intermediate Microeconomics | 9 |

73-240 | Intermediate Macroeconomics | 9 |

##### Advanced Economics Electives (54 Units)

Students must take six advanced elective courses. Advanced elective courses are those numbered 73-300 through 73-495 (excluding 73-374 Econometrics II, 73-407 Fundamentals of Statistical Modeling, and 73-450 Economics Colloquium). For the purpose of these requirements, the Undergraduate Economics Program may also designate as advanced electives courses from other departments/programs. Additionally, students may work with their advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.

##### Senior Work (9 Units; 18 Units for students working on an honors thesis in economics)

Units | ||

73-497 | Senior Project | 9 |

or 73-500 & 73-501 | Tepper College Honors Thesis I and Tepper College Honors Thesis II | |

or 66-501 & 66-502 | H&SS Senior Honors Thesis I and H&SS Senior Honors Thesis II |

#### Sample Course Schedule for the B.S. in Economics

The sample schedule below is an illustration of how students might plan their four-year schedules. This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading; and 2) room has been built into the schedule that would allow students to pick up additional degrees and/or study abroad. It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements. In fact, most economics students take more courses in their major than is strictly required.

Freshman | Sophomore | ||
---|---|---|---|

Fall | Spring | Fall | Spring |

21-120 Differential and Integral Calculus | 21-256 Multivariate Analysis | 36-225 Introduction to Probability Theory | 73-240 Intermediate Macroeconomics |

36-201 Statistical Reasoning and Practice | 73-160 Foundations of Microeconomics: Applications and Theory ** | 73-230 Intermediate Microeconomics | 73-274 Econometrics I |

73-100 Principles of Economics | ----- | 73-450 Economics Colloquium | Economics Elective |

-----* | ----- | Third Mathematics Course | ----- |

----- | ----- | ----- | ----- |

Junior | Senior | ||
---|---|---|---|

Fall | Spring | Fall | Spring |

73-270 Writing for Economists | Economics Elective | 73-497 Senior Project | Economics Elective |

73-374 Econometrics II | Economics Elective | Economics Elective | ----- |

Economics Elective | ----- | ----- | ----- |

----- | ----- | ----- | ----- |

----- | ----- | ----- | ----- |

*In each semester, ----- represents courses not directly required for the major.

**While not required, 73-160 is strongly recommended.

### B.S. in Economics and Mathematical Sciences

The B.S. in Economics and Mathematical Sciences is a collaborative effort between the Department of Mathematical Sciences and the Undergraduate Economics Program. Combining advanced mathematics with advanced economic theory is the hallmark of this curriculum. The curriculum provides students with courses that complement and develop depth of understanding of economic theory, applied economics, and applied mathematics. This degree offers an integrated curriculum, guiding students through a program of coursework that exploits and builds upon the synergies between mathematics and economics. This degree program equips students with the mathematical tools that are essential for success in Ph.D. programs in economics; mathematics; and key functional areas of business including finance, accounting, marketing, and information systems. Students pursuing this degree will be well prepared for the beginning of their research careers in academia, government, and industry. There are a limited number of student openings in this program; interested students may apply as early as their sophomore year. Acceptance into the degree program is based on academic performance, rigor of coursework, and initiative while at Carnegie Mellon. In order to graduate with the B.S. in Economics and Mathematical Sciences, students must maintain a cumulative Q.P.A. of 3.33.

#### B.S. in Economics and Mathematical Sciences Curriculum

Total Number of Units for the Major | 230 |

##### Economic Theory Requirements (27 Units)

Units | ||

73-100 | Principles of Economics | 9 |

73-230 | Intermediate Microeconomics | 9 |

73-240 | Intermediate Macroeconomics | 9 |

##### Quantitative Analysis Requirements (36 Units)

Units | ||

36-225 | Introduction to Probability Theory | 9 |

or 36-217 | Probability Theory and Random Processes | |

or 21-325 | Probability | |

36-226 | Introduction to Statistical Inference | 9 |

36-401 | Modern Regression | 9 |

73-374 | Econometrics II | 9 |

##### Mathematical Sciences Requirements (85 Units)

Units | ||

21-120 | Differential and Integral Calculus Passing the MCS assessment test is an acceptable alternative to completing 21-120. | 10 |

21-122 | Integration and Approximation | 10 |

21-127 | Concepts of Mathematics | 10 |

21-228 | Discrete Mathematics | 9-12 |

or 15-251 | Great Theoretical Ideas in Computer Science | |

21-241 | Matrices and Linear Transformations | 10 |

21-259 | Calculus in Three Dimensions | 9-10 |

or 21-256 | Multivariate Analysis | |

or 21-268 | Multidimensional Calculus | |

or 21-269 | Vector Analysis | |

21-260 | Differential Equations | 9 |

21-355 | Principles of Real Analysis I | 9 |

21-356 | Principles of Real Analysis II | 9 |

##### Programming Requirement (10 Units)

Units | ||

15-110 | Principles of Computing | 10 |

##### Writing Requirement (9 Units)

Units | ||

73-270 | Writing for Economists | 9 |

##### Advanced Economic Electives (36 Units)

Students must take four advanced economics elective courses. Advanced Elective courses are those courses numbered 73-300 through 73-495, (excluding 73-374 Econometrics II, 73-407 Fundamentals of Statistical Modeling, and 73-450 Economics Colloquium) as well as courses designated by the Undergraduate Economics Program which are offered by other departments/programs. Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.

**Recommended Advanced Economics Electives:**

73-315 | Market Design | 9 |

73-338 | Financial Crises and Risk | 9 |

73-347 | Game Theory for Economists | 9 |

73-365 | Firms, Market Structures, and Strategy | 9 |

73-421 | Emerging Markets | 9 |

##### Mathematical Science Depth Electives (27 Units)

Students must take three advanced mathematics depth courses. Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.

**Recommended Mathematical Science Depth Electives: **

21-292 | Operations Research I | 9 |

21-329 | Set Theory | 9 |

21-365 | Projects in Applied Mathematics | 9 |

21-366 | Topics in Applied Mathematics | 9 |

21-371 | Functions of a Complex Variable | 9 |

21-374 | Field Theory | 9 |

21-441 | Number Theory | 9 |

21-484 | Graph Theory | 9 |

21-499 | Undergraduate Research Topic | 9 |

Note: Only one of the following three courses may count towards the required Mathematical Sciences Depth Electives: 21-365, 21-366, or 21-499.

#### Sample Course Schedule for the B.S. in Economics and Mathematical Sciences

The sample schedule below is an illustration of how students might plan their four-year schedules. This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading; 2) room has built into the schedule that would allow students to pick up additional degrees and/or study abroad; and 3) the demands of this degree require students to carefully plan their degree program while keeping in mind the college-level and university-level graduation requirements. It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements. In fact, most economics students take more courses in their major than is strictly required.

Freshman | Sophomore | ||
---|---|---|---|

Fall | Spring | Fall | Spring |

21-120 Differential and Integral Calculus | 15-110 Principles of Computing | 21-122 Integration and Approximation | 21-241 Matrices and Linear Transformations |

36-201 Statistical Reasoning and Practice | 21-256 Multivariate Analysis | 21-127 Concepts of Mathematics | 36-226 Introduction to Statistical Inference |

73-100 Principles of Economics | 73-160 Foundations of Microeconomics: Applications and Theory ** | 73-230 Intermediate Microeconomics | 73-240 Intermediate Macroeconomics |

-----* | ----- | 36-225 Introduction to Probability Theory | Economics Elective |

----- | ----- | ----- | ----- |

Junior | Senior | ||
---|---|---|---|

Fall | Spring | Fall | Spring |

21-260 Differential Equations | 21-355 Principles of Real Analysis I | 21-228 Discrete Mathematics | 21-356 Principles of Real Analysis II |

73-374 Econometrics II | Economics Elective | 36-401 Modern Regression | ----- |

73-270 Writing for Economists | Economics Elective | Mathematics Elective | ----- |

Economics Elective | Mathematics Elective | ----- | ----- |

Mathematics Elective | ----- | ----- | ----- |

*In each semester, ----- represents courses not directly required for the major. Please note that students pursuing the B.S. in Mathematical Sciences and Economics must fulfill the Mellon College General Education requirements and not the Dietrich College General Education requirements.

**While not required, 73-160 is strongly recommended.

### B.S. in Economics and Statistics

Academic Advisor: Paige Houser

Faculty Advisor: Rebecca Nugent

Executive Director, Undergraduate Economics Program: Carol Goldburg

Associate Director, Undergraduate Economics Program: Kathleen Conway

Office: Baker Hall 132A

Email: acadcoord@stat.cmu.edu

The Major in Economics and Statistics provides an interdisciplinary course of study aimed at students with a strong interest in the empirical analysis of economic data. With joint curriculum from the Department of Statistics and the Undergraduate Economics Program, the major provides students with a solid foundation in the theories and methods of both fields. Students in this major are trained to advance the understanding of economic issues through the analysis, synthesis and reporting of data using the advanced empirical research methods of statistics and econometrics. Graduates are well positioned for admission to competitive graduate programs, including those in statistics, economics and management, as well as for employment in positions requiring strong analytic and conceptual skills - especially those in economics, finance, education, and public policy.

The requirements for the B.S. in Economics and Statistics are the following:

## I. Prerequisites | ## 38-39 units |

## 1. Mathematical Foundations | ## 38-39 units |

**Calculus**

21-120 | Differential and Integral Calculus | 10 |

and *one* of the following three:

21-122 | Integration and Approximation | 10 |

21-127 | Concepts of Mathematics | 10 |

21-257 | Models and Methods for Optimization | 9 |

and *one* of the following:

21-256 | Multivariate Analysis | 9 |

21-259 | Calculus in Three Dimensions | 9 |

__Note__: Passing the MSC 21-120 assessment test is an acceptable alternative to completing 21-120.

__Note__: Taking both 21-111 and 21-112 is equivalent to 21-120. The Mathematical Foundations total is then 48-49 units. The Economics and Statistics major would then total 201-202 units.

**Linear Algebra**

*One* of the following three courses:

21-240 | Matrix Algebra with Applications | 10 |

21-241 | Matrices and Linear Transformations | 10 |

21-242 | Matrix Theory | 10 |

__Note__: 21-241 and 21-242 are intended only for students with a very strong mathematical background.

## II. Foundations | ## 18-27 units |

## 2. Economics Foundations | ## 9 units |

73-100 | Principles of Economics | 9 |

## 3. Statistical Foundations | ## 9-18 units |

__Sequence 1 (For students beginning their freshman or sophomore year) __

###### Beginning*

Choose *one* of the following courses

36-201 | Statistical Reasoning and Practice | 9 |

36/70-207 | Probability and Statistics for Business Applications | 9 |

36-220 | Engineering Statistics and Quality Control | 9 |

36-247 | Statistics for Lab Sciences | 9 |

*Or extra data analysis course in Statistics

###### Intermediate*

Choose *one* of the following courses:

36-202 | Statistical Methods | 9 |

36-208 | Regression Analysis | 9 |

36-309 | Experimental Design for Behavioral and Social Sciences | 9 |

*Or extra data analysis course in Statistics

**Students who enter the program with 36-225/36-226 should discuss options with their advisors.

__Sequence 2 (For students beginning later in their college career) __

**Advanced**

Choose *one* of the following courses:

36-303 | Sampling, Survey and Society | 9 |

36-315 | Statistical Graphics and Visualization | 9 |

36-461 | Special Topics: Statistical Methods in Epidemiology | 9 |

36-462 | Special Topics: Data Mining | 9 |

36-463 | Special Topics: Multilevel and Hierarchical Models | 9 |

36-464 | Special Topics: Applied Multivariate Methods | 9 |

**Special Topics rotate and new ones are regularly added.

## III. Disciplinary Core | ## 126 units |

## 1. Economics Core | ## 45 units |

73-230 | Intermediate Microeconomics | 9 |

73-240 | Intermediate Macroeconomics | 9 |

73-270 | Writing for Economists | 9 |

73-274 | Econometrics I | 9 |

73-374 | Econometrics II | 9 |

## 2. Statistics Core | ## 36 units |

36-225 | Introduction to Probability Theory ^{*#} | 9 |

and *one* of the following* *two courses:

36-226 | Introduction to Statistical Inference ^{*} | 9 |

36-326 | Mathematical Statistics (Honors) ^{*} | 9 |

and *both* of the following two courses:

36-401 | Modern Regression ^{*} | 9 |

36-402 | Advanced Methods for Data Analysis | 9 |

*In order to be a major in good standing, a grade of C or better is required in 36-225 (or equivalents), 36-226 or 36-326 and 36-401. Otherwise you will not be allowed to continue in the major.

#It is possible to substitute 36-217 or 21-325 for 36-225. (36-225 is the standard introduction to probability, 36-217 is tailored for engineers and computer scientists, and 21-325 is a rigorous Probability Theory course offered by the Department of Mathematics.)

## 3. Computing | ## 9 units |

36-350 | Statistical Computing ^{*} | 9 |

*In rare circumstances, a higher level Computer Science course that includes Statistical Computing content approved by your Statistics advisor may be used as a substitute.

## 4. Advanced Electives | ## 36 units |

Students must take two advanced Economics elective courses (numbered 73-300 through 73-495, excluding 73-374, 73-407 and 73-450) and two advanced Statistics elective courses (numbered 36-303, 36-315, or 36-410 through 36-495).

Total number of units for the major | 182-192 units |

Total number of units for the degree | 360 units |

#### Professional Development

Students are strongly encouraged to take advantage of professional development opportunities and/or coursework. One option is 73-450 Economics Colloquium, a fall-only mini that provides information about careers in Economics, job search strategies, and research opportunities. The Statistics Department also offers a series of workshops pertaining to resume preparation, graduate school applications, careers in the field, among other topics. Students should also take advantage of the Career and Professional Development Center.

#### Sample Program

The following sample program illustrates one way to satisfy the requirements of the Economics and Statistics Major. Keep in mind that the program is flexible and can support other possible schedules (see footnotes below the schedule).

Freshman | Sophomore | ||
---|---|---|---|

Fall | Spring | Fall | Spring |

21-120 Differential and Integral Calculus | 36-202 Statistical Methods | 21-122 Integration and Approximation ** | 21-240 Matrix Algebra with Applications |

36-201 Statistical Reasoning and Practice | 21-256 Multivariate Analysis | 36-225 Introduction to Probability Theory | 36-226 Introduction to Statistical Inference |

73-100 Principles of Economics | 73-160 Foundations of Microeconomics: Applications and Theory | 73-230 Intermediate Microeconomics | 73-240 Intermediate Macroeconomics |

-----* | ----- | ----- | 73-274 Econometrics I |

----- | ----- | ----- | ----- |

----- |

Junior | Senior | ||
---|---|---|---|

Fall | Spring | Fall | Spring |

36-350 Statistical Computing | 36-402 Advanced Methods for Data Analysis | Statistics Elective | Economics Elective |

36-401 Modern Regression | 73-270 Writing for Economists | Economics Elective | Statistics Elective |

73-374 Econometrics II | ----- | ----- | ----- |

----- | ----- | ----- | ----- |

----- | ----- | ----- |

*In each semester, ----- represents other courses (not related to the major) which are needed in order to complete the 360 units that the degree requires.

** Students can also take 21-127 or 21-257. Students should consult with their advisor.

73-160 is not required but it is recommended by the Economics department.

Prospective PhD students might add 21-127 fall of sophomore year, replace 21-240 with 21-241, add 21-260 in spring of junior year and 21-355 in fall of senior year.

Students who elect Economics and Statistics as a second major must fulfill all Economic and Statistics degree requirements. Majors in many other programs would naturally complement an Economics and Statistics Major, including Business Administration, Social and Decision Sciences, Policy and Management, Social & Political History, and Psychology.

With respect to double-counting courses, it is departmental policy that students must have at least six courses (three Economics and three Statistics) that do not count for their primary major. If students do not have at least six, they typically take additional advanced electives.

Students are advised to begin planning their curriculum (with appropriate advisors) as soon as possible. This is particularly true if the other major has a complex set of requirements and prerequisites.

## Supplemental Programs

### Honors Program in Economics

Outstanding students are eligible for the honors programs in both the Tepper School of Business and the Dietrich College of Humanities and Social Sciences. For more information, consult the Dietrich Honors Program website.

The Tepper Senior Honors Program in Economics provides qualified students with the opportunity to engage in original research during their senior year at Carnegie Mellon. The primary rewards of participating in the Honors Program in Economics are three-fold. First comes the satisfaction of undertaking and completing an original piece of research. Working independently or with a faculty member to identify a research question and claim ownership of its discovery process is a rewarding experience. Second is the opportunity to challenge oneself intellectually. The third advantage is the opportunity to graduate with Tepper Honors. For many, this process of intellectual inquiry and knowledge creation is the highlight and culmination of their undergraduate academic experience.

Students are invited into the Tepper Senior Honors Program in Economics during their junior year. Invitation is based on academic achievement at Carnegie Mellon University, ability to work independently, and tenacity of spirit.

### Accelerated Master’s Degree Programs

Accelerated Master’s Degree programs enable exceptional students to earn both an undergraduate degree and a masters degree by remaining one additional year at Carnegie Mellon. The Heinz College of Public Policy and Management offers four professional accelerated masters degree programs: a Master of Science in Arts Administration, Master of Science of Health Care and Policy Management, Master of Information Systems Management, and Master of Science in Public Policy and Management. The Tepper School of Business offers one accelerated professional degree, a Master in Business Administration.

## Dual Degree in Economics

A student pursuing a primary degree outside of the department may obtain a dual degree by completing all of the requirements for the B.S. in Economics or the B.S. in Economics and Statistics along with the Dietrich College general education requirements. In addition, the student’s total units completed must be at least 90 units in excess of the requirement for the student’s other degree(s) or at least 450 units, whichever is greater. Interested students should meet with an economics advisor.

## Additional Major in Economics Curriculum

All university students are eligible to pursue an additional major in economics in conjunction with a major in any department in the university other than economics. The requirements for the Additional Major in Economics are the same as those for the B.S. in Economics, except that the Dietrich College General Education requirements are waived. In order to avoid “double counting” issues, students are encouraged to meet with an economics advisor. When courses are shared across degrees, students pursuing an Additional Major in Economics are asked to take additional advanced economics electives.

## Additional Major in Economics and Statistics Curriculum

All university students are eligible to pursue a major in economics and statistics in conjunction with a major in any department in the university other than statistics or economics.The requirements for the Additional Major in Economics in Statistics are the same as those for the B.S. in Economics and Statistics, except that the Dietrich College General Education requirements are waived. In order to avoid “double counting” issues, students are encouraged to meet with an economics or statistics advisor. When courses are shared across degrees, students pursuing an Additional Major in Economics and Statistics are asked to take additional advanced economics or statistics electives.

## Minor in Economics

The Minor in Economics degree program provides students with a solid understanding of economic theory and data analysis.

All university students are eligible to pursue the Minor in Economics in conjunction with a major in any other department in the university. In order to avoid “double counting” issues, students are encouraged to meet with an economics advisor. When courses are shared across degrees, students pursuing a minor in Economics are asked to take additional advanced economics electives.

All economics course counting towards the minor must be completed with a grade of "C" or higher.

**Minor in Economics (Total Number of Units for the Minor: 82/91)**

##### Mathematics Requirements (19 Units)

Units | ||

21-120 | Differential and Integral Calculus | 10 |

21-256 | Multivariate Analysis | 9 |

##### Economic Theory Requirements (18/27 Units)

Units | ||

73-100 | Principles of Economics | 9 |

73-230 | Intermediate Microeconomics | 9 |

73-240 | Intermediate Macroeconomics ^{*} | 9 |

*Some students may choose to focus their minor in microeconomics theory and applications. These student may elect not to take 73-240 Intermediate Macroeconomics, and instead, replace it with an additional advanced economics elective.

##### Quantitative Analysis Requirements (18/27 Units)

The quantitative analysis path is often determined by the major requirements. The sequence is designed to give students an understanding of probability theory, regression analysis, and quantitative economic analysis. Students are encouraged to talk with an economics advisor to determine which requirements best complement their primary fields of study.

Option One | Units | |

36-201 | Statistical Reasoning and Practice | 9 |

36-202 | Statistical Methods | 9 |

or 36-309 | Experimental Design for Behavioral and Social Sciences | |

73-407 | Fundamentals of Statistical Modeling | 9 |

Option Two | ||

70/36-207 | Probability and Statistics for Business Applications | 9 |

70/36-208 | Regression Analysis | 9 |

73-407 | Fundamentals of Statistical Modeling | 9 |

Option Three | ||

36-220 | Engineering Statistics and Quality Control | 9 |

73-407 | Fundamentals of Statistical Modeling | 9 |

Option Four | ||

36-217 | Probability Theory and Random Processes | 9 |

or 36-225 | Introduction to Probability Theory | |

36-202 | Statistical Methods | 9 |

or 36-309 | Experimental Design for Behavioral and Social Sciences | |

or 36-226 | Introduction to Statistical Inference | |

73-407 | Fundamentals of Statistical Modeling | 9 |

or 73-374 | Econometrics II |

##### Advanced Economics Electives (18/27 Units)

Students must take two advanced elective courses. Advanced elective courses are those numbered 73-300 through 73-495 (excluding 73-374 Econometrics II, 73-407 Fundamentals of Statistical Modeling, and 73-450 Economics Colloquium) as well as courses designated by the program offered by other departments/programs. Additionally, students may work with their economics advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.

## Academic Standards and Policies

Undergraduate economics students are in the unique position of belonging to two CMU colleges, Marianna Brown Dietrich College of Humanities and Social Sciences and the Tepper School of Business. To find a detailed description of policies governing economics students, please consult the undergraduate section of MyTepper.